Is Iris Energy Ltd (IREN) a good stock to buy now?

Iris Energy Ltd (NASDAQ: IREN) is -16.92% lower on its value in year-to-date trading and has touched a low of $1.73 and a high of $9.69 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The IREN stock was last observed hovering at around $5.10 in the last trading session, with the day’s gains setting it 0.84%.

Currently trading at $5.94, the stock is 36.36% and 7.92% above its SMA20 and SMA50 respectively. However, with a daily trading volume of 14.63 million and changing 16.47% at the moment leaves the stock 29.26% off its SMA200. IREN registered 186.27% gain for a year compared to 6-month gain of 8.00%. The firm has a 50-day simple moving average (SMA 50) of $3.64 and a 200-day simple moving average (SMA200) of -$2.23.

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The stock witnessed a -7.91% loss in the last 1 month and extending the period to 3 months gives it a 92.86%, and is 56.73% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 10.86% over the week and 10.38% over the month.

Fwd P/E is 6.74. Distance from 52-week low is 243.35% and -38.70% from its 52-week high.

Iris Energy Ltd quarterly earnings per share for the current quarter are estimated at $0.The EPS is expected to grow by 103.52% this year, but quarterly earnings will post 27.90% year-over-year.

Iris Energy Ltd (IREN) Top Institutional Holders

71 institutions hold shares in Iris Energy Ltd (IREN), with institutional investors hold 28.02% of the company’s shares. The shares outstanding are 64.75M, and float is at 50.07M with Short Float at 5.80%. Institutions hold 21.79% of the Float.

The top institutional shareholder in the company is Platinum Investment Management Ltd with over 2.63 million shares valued at $12.27 million. The investor’s holdings represent 3.92% of the IREN Shares outstanding. As of Jun 29, 2023, the second largest holder is Millennium Management Llc with 1.59 million shares valued at $7.42 million to account for 2.37% of the shares outstanding. The other top investors are Regal Partners Ltd. which holds 1.42 million shares representing 2.12% and valued at over $6.62 million, while Portolan Capital Management, LLC holds 1.95% of the shares totaling 1.31 million with a market value of $6.1 million.

Iris Energy Ltd (IREN): Who are the competitors?

The company’s main competitors (and peers) include Canaan Inc. ADR (CAN) that is trading -43.06% down over the past 12 months. Hut 8 Corp. (HUT) that is 3.09% higher over the same period.